Engage and inspire your workforce

Retain top talent with effective employee recognition. 

Engage and inspire your workforce

Retain top talent with effective employee recognition. 

Engage and inspire your workforce

Retain top talent with effective employee recognition. 

Don't let misdirected employee recognition hurt your business

Failing to properly recognize employees can lead to poor retention and wasted money

Bersin, Deloitte's talent management research wing, found that companies with effective employee recognition programs have 31 % lower voluntary turnover.1 When employees aren’t challenged, empowered, and recognized by their managers and peers, chances are high that their productivity will plummet and commitment to the company will weaken.  

But many attempts to improve employee recognition end up wasting money––they fail to boost employee engagement and lead to higher turnover. Rather than waste money on gift cards and other forms of impersonal material incentive, companies should create working environments in which employees and managers alike receive constant and specific feedback.  

Why your business needs to master the art of employee recognition

Frequently and effectively recognizing employees for their hard work adds value to your business. 

Many companies have adopted effective employee recognition practices to improve their performance management systems. Following a practice of employee recognition will improve your workplace in a number of ways.

Retain top talent

Well-appreciated employees are happy and productive employees. But that doesn’t mean you have to spend thousands on over-the-top rewards programs and bonus structures. A simple “good work” can go a long way towards boosting engagement, which in turn improves retention. A recent Gallup survey found that when offered a 20 % raise at another company, only 37 % of engaged employees would consider leaving, whereas 54 % of unengaged employees would.2

Engage your workforce

Empowerment, professional development, and self-direction drive employee performance more than anything else. When you have systems in place to recognize a job well done, you increase your employees’ desire to improve. An engaged employee will commit to company goals and influence the rest of the company with their work ethic.

Improve your business

People are your core asset, and recognizing their hard work will pay major dividends. A paper from the Center for American Progress found that replacing a highly skilled employee can cost a company more than twice as much as one year's compensation.3 And if employees aren't properly recognized, they'll likely leave for a company where they feel more valued. People are your core asset, and recognizing their hard work will pay major dividends. If you give your employees a reason to stay, they will drive the growth of your business.

Create a more productive workplace

Frequent and sincere employee recognition makes for a happier and more productive workforce. A study by Socialcast found that 78 % of employees see recognition as a major source of motivation.  What's more, 69 % said they would work harder if they felt that their efforts were better acknowledged.4 Whether it’s a thank-you note or a paid-for company outing, simple forms of employee recognition go a long way. 

Attract the right people
Great people make a great business. Build the best workforce by adopting well-tested and productivity-boosting employee recognition practices. 
Engage your employees
Recognizing your employees' hard work makes for a productive workforce. Make sure that you have the resources and insights to show your full appreciation. 
Retain crucial hires
For many employees, the intrinsic reward of doing work they believe in outweighs extrinsic motivators. To keep excellent employees, you need to show them that they matter. 
  1. Bersin & Associates (2012).  The State of Employee Recognition in 2012.  Retrieved from https://www.bersin.com/News/Content.aspx?id=15543.
  2. Rigoni, B., & Nelson, B., Gallup Business Journal (2016). Retaining Employees: How Much Does Money Matter? Retrieved from http://www.gallup.com/businessjournal/188399/retaining-employees-money-matter.aspx
  3. Boushey, H. & Glynn, S., Center for American Progress (2012).  There are Significant Business Costs to Replacing Employees. Retrieved from https://www.americanprogress.org/wp-content/uploads/2012/11/CostofTurnover.pdf.
  4. Horton, M. (2011, December 13).  #E2sday: The Power of Recognition in the Enterprise [Blog post].  Retrieved from http://blog.socialcast.com/e2sday-the-power-of-recognition-in-the-enterprise/.